INSTAT A — DAILY INSTAT REPORT Date: April 3, 2026

| Prepared by: INSTAT Pipeline v2.0

Coverage: R-01 to R-65 (Macro, Bellwether, Sector, Industry, International) + R-88 (Portfolio Watchlist)

OVERALL A-SIDE REGIME SUMMARY — April 3, 2026

Grand Avg INSTAT across all R-Files: +23 — Post-Selloff Repair Phase

The A-side is in a broad base-building mode following the February 27, 2026 sellout event. Momentum is fragmented: 31 R-Files are Neutral/Consolidating, 26 are Building Momentum, and 6 have reached Strong Momentum — primarily in defensive sectors (utilities, essential miners, goldminers) and select international markets. Two R-Files are Weakening and one (Crypto) is actively Correcting. Capital preservation posture remains appropriate; the regime does not yet support broad re-entry. The bifurcation between defensive Extended Leaders and technology/growth Terminal Liquidation names is the defining signal of this repair phase.

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INSTAT A — Daily INSTAT Report

Date: April 3, 2026

Coverage: R-01 to R-65 + R-88 | Macro · Bellwether · Sector · Industry · International · Watchlist

Regime Summary: The A-side grand average INSTAT stands at +23, with 31 R-Files in Neutral/Consolidating and 26 in Building Momentum — consistent with a post-selloff repair phase. Energy commodities and select international equity markets are leading. Technology and consumer discretionary remain in corrective pressure. Capital preservation posture is appropriate until INSTAT averages across R-09 to R-13 exceed +35.

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BATCH 1 — MACRO FACTORS (R-01 to R-08)

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R-01 — Sovereign Debt 10Y Yields

Context: Analysis of Macro Factors/Exchanges | 22 instruments | April 3, 2026

a) Performance Snapshot

Avg INSTAT: +15 | Median: +3

Avg 1D: +0.40% | Avg 1W: -2.64% | Avg 1M: +7.82% | Avg YTD: +6.27%

Regime Distribution: Neutral/Consolidating 13 | Building Momentum 5 | Extended Leader 3 | Terminal Liquidation 1

Top 5 by INSTAT:

Bottom 5 by INSTAT:

b) Momentum & Trend Analysis

AT (Long-Term Trend): -9 (Neutral-Bear)

ST (Short-Term Trend): -3 (Soft)

IN (Intermediate Flow): +27 (Mild In-Flow)

★ Extended Leaders (INSTAT ≥90): India 10-Year (+100), Japan 10-Year (+100), Taiwan 10-Year (+100)

▼ Terminal Liquidation (INSTAT ≤-90): China 10-Year (-95)

c) Full Instrument Table *(sorted by INSTAT descending)*

d) Researched Context

Japan 10-Year (+100) and India 10-Year (+100) co-lead R-01 as Extended Leaders, but the signal is not constructive: rising EM and Asian yields reflect currency defense imperatives and capital flow pressures rather than growth optimism, with India's yield pressure compounded by RBI intervention demands and Japan's by BoJ policy normalization stress. China 10-Year at -95 represents a structural divergence — Beijing's controlled yield compression policy is actively suppressing bond yields to stimulate domestic demand, but the -48 IN score confirms this is failing to attract foreign institutional capital and is instead accelerating FX reserve drawdown risk. The principal opportunity for the P6 income portfolio is swing trading the high-carry EM tier (India, Turkey) against duration risk in the US Treasury complex, where Ultra 10-Year US Treasury Futures (TNc1) at -20 signals institutional yield-curve pressure that makes outright long duration a capital preservation hazard.

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R-02 — Corporate & Govt Bonds

Context: Analysis of Macro Factors/Exchanges | 24 instruments | April 3, 2026

a) Performance Snapshot

Avg INSTAT: -5 | Median: +12

Avg 1D: +0.25% | Avg 1W: +0.89% | Avg 1M: -1.68% | Avg YTD: -0.97%

Regime Distribution: Neutral/Consolidating 12 | Weakening 4 | Building Momentum 4 | Terminal Liquidation 2 | Extended Leader 1 | Correcting 1

Top 5 by INSTAT:

Bottom 5 by INSTAT:

b) Momentum & Trend Analysis

AT: +14 (Neutral-Bull) | ST: +10 (Flat) | IN: -30 (Mild Out-Flow)

★ Extended Leader: iShares Convertible Bond ETF / ICVT +100 | YTD +5.47%

▼ Terminal Liquidation: BondBloxx Private Credit CLO / PCMM -96 | SPDR Intl Treasury Bond / BWX -100

c) Full Instrument Table *(sorted by INSTAT descending)*

d) Researched Context

iShares Convertible Bond ETF (ICVT) at +100 is the sole Extended Leader in R-02 — a capital preservation instrument providing equity-like upside that institutions are deploying as a hedge against both duration risk and high-yield spread widening, with YTD +5.47% outperforming virtually every pure bond vehicle in the file. The file is bifurcated: the investment-grade short-to-intermediate tier (LQD +46, IUSB +30) maintains AT scores of +25, confirming long-term structural support, while the international and private credit tier (BWX -100, PCMM -96) is in terminal liquidation driven by USD currency headwinds and leveraged credit stress — the -50 IN scores on both confirm active institutional exit, not consolidation. For the P6/P7 income portfolios, ICVT and LQD represent the highest-quality re-entry points once IN scores recover from their current -30 average toward zero, signaling outflow exhaustion.

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R-03 — Credit Spread Factors

Context: Analysis of Macro Factors/Exchanges | 14 instruments | April 3, 2026

a) Performance Snapshot

Avg INSTAT: +9 | Median: +16

Avg 1D: -0.41% | Avg 1W: -3.49% | Avg 1M: +1.61% | Avg YTD: +7.12%

Regime Distribution: Neutral/Consolidating 5 | Building Momentum 5 | Weakening 3 | Extended Leader 1

Top 5 by INSTAT:

Bottom 5 by INSTAT:

b) Momentum & Trend Analysis

AT: +12 (Neutral-Bull) | ST: +10 (Flat) | IN: -14 (Mild Out-Flow)

★ Extended Leader: 3-Month SOFR Futures (SRAc1) +90 | YTD +0.27%

Volume Surge: VanEck Fallen Angel High Yield (ANGL) at 2.7x avg — notable institutional repositioning

VIX -23.12% on the week, MOVE -24.60% on the week — volatility compression confirms post-liquidation calm

c) Full Instrument Table *(sorted by INSTAT descending)*

d) Researched Context

3-Month SOFR Futures (SRAc1) at +90 is a persistent "higher-for-longer" institutional rate signal — with SOFR holding the upper band and AT/ST scores both positive (+19/+23), the market is pricing no imminent Fed pivot despite equity-market softness, as energy-driven inflation maintains the Fed's restrictive posture. The simultaneous -23% weekly collapse in VIX and -25% in MOVE represents a post-liquidation "eye of the storm" — volatility has compressed rapidly from elevated levels, but with VIX still YTD +60% and MOVE YTD +32%, the underlying spread structures remain fragile and susceptible to a second-wave volatility expansion on any macro shock. The 2.7x volume surge in VanEck Fallen Angel High Yield (ANGL) at +30 is a contrarian institutional repositioning signal worth monitoring for the P6/P7 income allocation, as fallen-angel paper typically compresses sharply once the credit stress cycle rolls off.

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R-04 — Global Forex

Context: Analysis of Macro Factors/Exchanges | 20 instruments | April 3, 2026

a) Performance Snapshot

Avg INSTAT: -6 | Median: -14

Avg 1D: -0.11% | Avg 1W: +0.55% | Avg 1M: -1.80% | Avg YTD: -0.33%

Regime Distribution: Neutral/Consolidating 6 | Strong Momentum 3 | Correcting 3 | Weakening 3 | Extended Leader 2 | Terminal Liquidation 2 | Building Momentum 1

Top 5 by INSTAT:

Bottom 5 by INSTAT:

b) Momentum & Trend Analysis

AT: +5 (Neutral-Bull) | ST: +1 (Flat) | IN: -12 (Mild Out-Flow)

★ Extended Leaders: CNY/USD +100 (state-directed ceiling), BRL/USD +95 (commodity-driven EM strength)

▼ Terminal Liquidation: JPY/USD -100 (yen under sustained structural pressure), TRY/USD -94 (lira deterioration)

Strong Momentum: XAU/USD +82 (gold as reserve currency proxy), AUD/USD +67, MXN/USD +66

c) Full Instrument Table *(sorted by INSTAT descending)*

d) Researched Context

CNY/USD at +100 reflects state-directed Chinese bank flows actively capping yuan depreciation as export competitiveness concerns mount, making this a managed ceiling rather than organic strength — the +50 IN score confirms sustained institutional buying, but the policy risk is a sudden PBoC posture shift that could release significant depreciation pressure. JPY/USD at -100 represents a structural yen deterioration that the Bank of Japan is monitoring with increasing urgency, and any BoJ rate hike surprise would trigger a violent yen reversal with global carry-trade consequences that would cascade through fixed income and equity markets simultaneously. BRL/USD at +95 and AUD/USD at +67 highlight commodity-linked currency strength as the primary FX opportunity for diversified exposure aligned with the energy and materials rotation visible in R-05, provided commodity prices maintain their current geopolitical risk premium.

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R-05 — Commodities

Context: Analysis of Macro Factors/Exchanges | 31 instruments | April 3, 2026

a) Performance Snapshot

Avg INSTAT: +16 | Median: +32

Avg 1D: +0.22% | Avg 1W: +1.91% | Avg 1M: +6.03% | Avg YTD: +17.34%

Regime Distribution: Extended Leader 8 | Neutral/Consolidating 7 | Building Momentum 7 | Correcting 3 | Terminal Liquidation 3 | Weakening 2 | Strong Momentum 1

Top 5 by INSTAT:

Bottom 5 by INSTAT:

b) Momentum & Trend Analysis

AT: -1 (Neutral-Bear) | ST: +1 (Flat) | IN: +16 (Mild In-Flow)

★ 8 Extended Leaders: Brent Oil +100, Feeder Cattle +100, Gasoline RBOB +100, Live Cattle +100, London Gas Oil +98, US Cotton +98, US Soybean Oil +98, Crude Oil WTI +97

▼ Terminal Liquidation: London Robusta Coffee -100, US Coffee C -96, Natural Gas -91

Notable: London Gas Oil +144.24% YTD — highest YTD return in the file

c) Full Instrument Table *(sorted by INSTAT descending)*

d) Researched Context

Brent Oil (+100), Gasoline RBOB (+100, YTD +91%), and London Gas Oil (+98, YTD +144%) co-lead R-05 as the dominant regime signal — a geopolitical risk premium driven by Middle East supply-route disruptions and seasonal refinery demand is creating a sustained energy price floor, with the +50 IN scores on all three confirming continued institutional accumulation rather than a blow-off top. The agricultural complex is bifurcated: livestock (Live Cattle and Feeder Cattle both at +100) is in a structural supply squeeze as USDA inspected slaughter totals fall well below prior-year levels, while soft commodities (London Robusta Coffee -100, US Coffee C -96, US Sugar -81) are in terminal liquidation from demand destruction, EM currency weakness reducing import purchasing power, and Brazilian harvest pressure. Natural Gas at -91 (YTD -24%) is the dominant domestic energy underperformer, creating a structural spread opportunity between crude-linked energy (long) and gas-exposed producers (avoid or short) that is the clearest tactical expression of the current energy bifurcation in R-05.

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R-06 — Gold and Silver / VIX-MOVE

Context: Analysis of Macro Factors/Exchanges | 12 instruments | April 3, 2026

a) Performance Snapshot

Avg INSTAT: +16 | Median: +18

Avg 1D: -2.14% | Avg 1W: +5.01% | Avg 1M: -11.01% | Avg YTD: +7.76%

Regime Distribution: Neutral/Consolidating 4 | Weakening 3 | Building Momentum 3 | Extended Leader 1 | Strong Momentum 1

Top 5 by INSTAT:

Bottom 5 by INSTAT:

b) Momentum & Trend Analysis

AT: 0 (Neutral-Bull) | ST: -2 (Soft) | IN: +18 (Mild In-Flow)

★ Extended Leader: Silicon Laboratories Inc (SLAB) +100 — anomalous placement in this file; YTD +60% driven by niche semiconductor AI hardware demand

Gold miners (GDX +63, GDXJ +59) running ahead of the underlying gold price — leveraged equity-gold premium at play

Silver physical vehicles (SIVR -51, PSLV -50) underperforming gold; gold/silver ratio expanding

c) Full Instrument Table *(sorted by INSTAT descending)*

d) Researched Context

VanEck Gold Miners (GDX +63, +10.26% this week) and VanEck Junior Gold Miners (GDXJ +59, +10.50% this week) are outpacing the physical gold price by a material margin — the equity-gold premium is expanding as miners leverage high realized gold prices against relatively stable operating costs in this energy-cost environment, with the AT scores on both miners near zero indicating the long-term trend is just beginning to turn constructive after a period of underperformance. Physical gold vehicles (IAU +6, SGOL +2) lag the miners significantly despite posting YTD gains of +8.33–8.34%, reflecting institutional preference for gold equity leverage over spot exposure — a positioning pattern that historically precedes a broader re-rating of the gold complex if macro deterioration accelerates. Silicon Laboratories (SLAB +100, YTD +60%) is a misfit anomaly in this file — its surge reflects the niche AI hardware semiconductor rotation rather than a gold/silver signal, and it belongs in the P5 Evolutionary Tech watchlist rather than the precious metals allocation framework.

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R-07 — World Stock Exchanges

Context: Analysis of Macro Factors/Exchanges | 33 instruments | April 3, 2026

a) Performance Snapshot

Avg INSTAT: +52 | Median: +68

Avg 1D: +0.32% | Avg 1W: +2.43% | Avg 1M: -1.46% | Avg YTD: +3.13%

Regime Distribution: Strong Momentum 12 | Building Momentum 7 | Extended Leader 7 | Neutral/Consolidating 4 | Weakening 2 | Terminal Liquidation 1

Top 5 by INSTAT:

Bottom 5 by INSTAT: